NY S04289

Otsego County is authorized to adopt local laws imposing a mortgage recording tax of 25 cents per $100 of principal debt (or 25 cents for mortgages under $100) on mortgages recorded within the county.

The tax is administered and collected using the same procedures as existing mortgage recording taxes under sections 253 and 255 of the tax law, with modifications as necessary.

Tax revenues collected are paid to the Otsego County treasurer monthly (after recording officer expenses) and deposited into the county's general fund for any county purpose.

The tax takes effect only on the first day of a calendar month upon mailing of a certified copy to the state tax commissioner at least 30 days prior, with copies also filed with the county clerk, secretary of state, and state comptroller.

The act takes effect immediately and automatically repeals on December 31, 2025.